Here is a current market update for Pasadena, Monrovia and Arcadia commercial real estate markets.
The current office vacancy rate in Pasadena is the lowest it has been in years at about 4.8%. There is virtually no new office construction currently underway in Pasadena at this time. New mixed-use developments are in process at Lake and Walnut, Hill and Walnut, Orange Grove and Fair Oaks, Raymond and Holly, Arroyo and Bellevue, Green St. and DeLacey and Lincoln and Orange Grove.
The current office vacancy rate in Monrovia is about 3%. There is new office construction planning on Huntington Drive with a 20,000 SF building offering space at $2.50 PSF or selling at 8 million. New office will also be available with the planned construction of Station Square. This is an 80 acre development planned with parameters from Mayflower to Shamrock below the 210 freeway to Duarte Road. This development will include new office, retail, condominium units, residential housing and transportation center. The current estimated time for the Gold Line extension to Monrovia is 2011. Barratt American also has a planned condominium development with 236 planned units on Myrtle and Olive. Construction is underway on the Colorado Commons Condominium development on Primrose.
The current office vacancy rate in Arcadia is about 5%. There are new office developments occurring along Huntington Drive, First Avenue and Santa Anita Avenue. The project to expand the grounds at the Racetrack has recently been approved but is still going through issues between the citizens, Westfield Mall and the city. This site proposes an open-air mall similar to The Grove at Fairfax and Anaheim by the well-known Developer Rick Caruso.